There are International Real Estate Markets, National Real Estate Markets, Local Real Estate Markets and even drilled down to your local neighborhood market. All created by supply and demand. Today’s spotlight is on your local markets.
Your local Real Estate Market
What can you do to be effective in any Real Estate transaction; to sell the home you want to sell or buy the home you want to buy? Knowing your local market is your first step and where we’ll zoom in for today’s weave of Real Estate Market know how. What’s the buzz in your market, do you know?!
Different strokes for different folks. Different Markets require different methods.
Whether you live in my Real Estate market of Southeast Florida or across the state on the west coast of Florida or anywhere nationwide, you’ll find 3 basic markets. Knowing your local Real Estate market and how to move with it, will determine the success of your Real Estate transaction.
Your success will depend upon your Real Estate Agent’s knowledge of their local market. So step one is to make sure the Agent you hire is knowledgeable in their local market. Make sure you ask them what market your city is experiencing. Don’t be afraid to ask them. Ask away. They should be able to clearly explain to you the below market types. If they can’t answer, you’ll want to keep searching for a Real Estate Agent who is best equipped to help you sell a home or buy a home.
The different markets will determine who has the most say in the outcome of the home sale, typically; the Seller or Buyer and I’ll discuss how to move to win in your particular local market. Let’s find out how to move with it.
Whose heart is beating fastest?
In a Seller’s Market, it’s the home Seller whose heart is beating the fastest.
A Seller’s Market is when the supply of homes is not great enough to keep up with the demands of home Buyers. There simply aren’t enough homes for sale. Typical Seller’s Markets have less than 5 months of an available inventory of homes from which Buyers can select from. At any particular time, it measures that if no additional homes were listed for sale, it would take anywhere from 1 day to less than 5 months to sell the homes currently listed for sale.
Sellers are excited in a Seller’s Market, particularly with the thought of being able to sell their home quickly and at or above their home’s list price as home prices are pushed higher! This certainly makes Seller’s hearts beat fast – they’re excited!
Selling a home in a Sellers Market
In fact, did you know that when someone is excited their heart beats over 100 beats per minute? I discovered this interesting fact from Cleveland Clinic reporting. Sell your house in Queens
It’s a time when Real Estate Agents who specialize in representing home Sellers, know that if they secure a new home to sell that has been prepared well and priced right that there’s a very good chance that their Seller’s home will grab the attention of many, prospective home Buyers. The new home showcased can bring in multiple Buyer interest where Sellers can find their home often receiving multiple offers increasing the home’s sales price.
By no means, does this mean that a Seller won’t have to do anything to get their home ready to sell and that the list price doesn’t matter, as the important principles of Real Estate will always matter no matter what the market may be. Sellers will always need to prepare their home before selling and they will always need to price their home correctly if they hope to sell their home quickly and for the most money. The difference in a Seller’s Market is that their chances to sell for at or above list price is at it’s greatest and to be done in the shortest amount of time.
A Seller will find that they will have less to have to “give up” during the home sale when it comes to the Buyer’s offer, inspections and any negotiations. They are the one who rules the roost.